RESOLUTION OF THE BOARD OF THE NATIONAL BANK OF THE REPUBLIC OF BELARUS

№ 669 of 9 December 2012

On establishing qualification and business reputation requirements for independent directors and other members of the board of directors (the supervisory board), to members of the collegial executive body of a bank, Joint-Stock Company ‘Development Bank of the Republic of Belarus’, a non-bank financial institution, to heads and chief accountants of the bank, Joint-Stock Company ‘Development Bank of the Republic of Belarus’, a non-bank financial institution, to their deputies; determining the cases and procedure of assessing these persons’ compliance with the qualification and business reputation requirements, as well as on establishing the procedure of appraisal of the persons for being awarded a certificate of a professional accountant of a bank and proficiency testing of the persons holding such a certificate

 Based on paragraph 26 of Article 26, sub-paragraph 4 of paragraph 5 of Article 34, sub-paragraph 1 of Article 39 of the Banking Code of the Republic of Belarus and in execution of sub-paragraph 2 of Article 4 of the Law of the Republic of Belarus “On Amending and Modifying the Banking Code of the Republic of Belarus”, the Board of the National Bank of the Republic of Belarus RESOLVES:1. To approve the attached Instructions on the procedure of assessing the compliance of the Head, Chief Accountant, their deputies, members of management bodies of the bank, JSC ‘Development Bank of the Republic of Belarus’, a non-bank financial institution with the qualification and/or business reputation requirements, appraisal for being awarded a certificate of a professional accountant of a bank and proficiency testing of the persons holding such a certificate.

2. To establish as of January 1, 2014:2.1. qualification requirements for the independent director:availability of a higher legal or economic education (with a specialization in law or economy) or any other higher education provided that he/she has been retrained on the basis of higher education with a specialization in law or economics or his/her record of service with the specalization, specified in paragraph three herein, is at least five years, or he/she has been rendering the services specified in paragraph three herein within at least five years;availability of at least three years of service at executive positions at the JSC ‘Development Bank of the Republic of Belarus’, a non-bank financial institution, (hereinafter referred to as “the Bank”), at international financial institutions, other financial institutions, the National Bank of the Republic of Belarus; or he/she within at least three years has been rendering the auditing and (or) professional services in the capacity of an officer of any auditing company (an official of any auditor-individual entrepreneur), an auditor conducting activities as an individual

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entrepreneur; or his/her record of service at higher education institutions involved in training specialists with higher legal or economic education majoring in the legal and economic fields or at a scientific institution majoring in the above fields should be at least three years;The sufficiency of academic knowledge and practical skills;2.2.  business reputation requirements for the independent director:availability of uncancelled or unexpunged convictions for crimes against property and procedures for performing economic activities;

non-availability of employer-initiated terminations of labor agreement/contract during the previous two years by reason of culpable actions that resulted in loss of confidence thereto on the part of the employer;non-availability of a valid resolution of a court with respect to the facts of conducting guilty activities resulting in bringing a legal person to the bankruptcy;non-availability of a resolution of the prosecuting authority on initiating a criminal case against the person or bringing him/her as a suspect or an accused in a criminal case;availability of reference letters of the persons, having undergone the assessment of compliance, or the officials of international financial institutions, foreign financial institutions.3. Until January 1, 2014, the assessment of compliance with qualification and business reputation requirements of other members of the board of directors (the supervisory board) of a bank or a non-bank financial institution shall be conducted in line with the procedures specified in the Instructions approved by this Resolution.

4. Persons holding the positions of the head, chief accountant and deputies thereof of a bank as of the date of entering into force of this Resolution shall be recognized as complying with qualification and business reputation requirements imposed on such persons within five years from the effective date of this Resolution.The provisions of sub-paragraph 1 of this paragraph shall not be applied in case of dismissal of these persons.The persons in relation to whom the special qualification commission of the National Bank of the Republic of Belarus has made a decision on their compliance with the qualification and business reputation requirements for the Bank’s head, chief accountant and to their deputies shall be deemed complying with the requirements for the members of the Bank’s collegial executive body, within five years from the effective date of this Resolution.The persons in relation to whom special qualification commission of the National Bank of the Republic of Belarus has made a decision on their compliance with the requirements to qualification and business reputation requirements for members of the Bank’s collegial executive body shall be deemed complying with the requirements for the Bank’s deputy head, within five years from the effective date of this Resolution.

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The persons holding the position of the Bank’s chief accountant shall be obliged to obtain a certificate of a professional accountant of a bank before 1 January 2017.5. In relation to persons specified in the sub-paragraph 1 of paragraph 4 herein, the special qualification commission of the National Bank of the Republic of Belarus may be entitled to make a decision on conducting the assessment of compliance with qualification and business reputation requirements of these persons without testing and/or interviewing.6. Banks shall:until July 1, 2013, ensure the election of members of the bank’s collegial executive body that have undergone the assessment of compliance with qualification and business reputation requirements specified in Chapter 3 of the Instructions approved by this Resolution; anduntil April 1, 2014, ensure the election of independent directors that have undergone the assessment of compliance with qualification and business reputation requirements specified in paragraph 2 herein.

until 1 January 2017 ensure the receipt by the persons holding the position of the chief accountant a certificate of a professional accountant in the procedure set out by the Instructions, approved by this Resolution.7. The following documents shall be deemed null and void:Resolution of the Board of the National Bank of the Republic of Belarus No. 122 “On Approving the Instructions on the Procedures for Assessing the Compliance of the Candidates for the Positions of the Head and Chief Accountant of a Bank or a Non-Bank Financial institution and its Branch and for the Positions of the Deputies thereof with the Qualification and Business Reputation Requirements” dated August 28, 2008 (National Register of the Republic of Belarus, 2008, No. 236, 8/19533);paragraph 7 of Resolution of the Board of the National Bank of the Republic of Belarus No. 175 “On Amending and Modifying Certain Regulatory Legal Acts of the National Bank of the Republic of Belarus” dated May 25, 2010 (National Register of the Republic of Belarus, 2010, No. 148, 8/22451); andResolution of the Board of the National Bank of the Republic of Belarus No. 260 “On Amending and Modifying Resolution of the National Bank of the Republic of Belarus No. 122, dated August 28, 2008” as of June 28, 2010 (National Register of the Republic of Belarus, 2010, No. 173, 8/22557)8. This Resolution shall be effective as of 22 January 2013. 

Chairperson of the Board N.А.Ermakova 

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APPROVED by Resolution

of the Board of the National Bank of the Republic of Belarus No. 669, dated

December 19, 2012

INSTRUCTIONS

On the procedures for assessing the compliance of the head, chief accountant and deputies thereof, members of the management bodies of a bank, Joint-Stock Company ‘Development Bank of the Republic of Belarus’, non-bank financial institution with the qualification and/or business reputation requirements, on appraisal for being awarded a certificate of a professional accountant of a bank and proficiency testing of persons holding the certificate

CHAPTER 1GENERAL PROVISIONS

1. The Instructions determine the qualification and/or business reputation requirements for the head, chief accountant and deputies thereof, members of the board of directors (the supervisory board) of a bank, JSC ‘Development Bank of the Republic of Belarus’, a non-bank financial institution (hereinafter referred to as “the Bank”), save members of the Supervisory Board of the JSC ‘Development Bank of the Republic of Belarus’ who are not independent directors, representatives of the government in the management bodies of a bank, members of the collegial executive body of a bank as well as stipulate the cases and procedures for assessing the compliance of the candidates for these positions with qualification and/or business reputation requirements (hereinafter – the “assessment of compliance”), as well as establish the procedure of appraisal for being awarded a certificate of a professional accountant of a bank (hereinafter – the “professional evaluation”) and proficiency testing of the persons holding such a certificate (hereinafter – the “proficiency testing”).2. For purposes of these Instructions the following terms shall be used in the following meanings:

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“document on higher legal or economic education” is a diploma of higher education (a Master’s degree diploma, a Candidate of Science diploma, and a Doctor of Science diploma) in law, economics, and finance;

“legal professions” are specializations in the name of which the word “law” is used and specializations with the assignment of qualification in the name of which the word “lawyer” is used;“economic professions” are specializations in the name of which the words “economy”, “finance” or “banking” are used and specializations with the assignment of qualification in the name of which the words “economist”, “financier” or “banking specialist” are used; and“executive positions in the banking sphere” are positions stipulating the management of a division, other unit or separate area of activities of banks, international financial institutions, the National Bank of the Republic of Belarus (hereinafter – the “National Bank”) and/or audit organizations, conducting auditing activities in the banks, as well as directly supervising other employees according to the official duties provided for in local regulatory legal acts of the mentioned institutions;3. The assessment of compliance, appraisal, proficiency testing are conducted by the special qualification commission of the National Bank (hereinafter referred to as “the special qualification commission”).4. The assessment of compliance of the candidates for the positions of the head, chief accountant and deputies thereof, independent director, a member of the collegial executive body of a bank, elected members of the board of directors (the supervisory board) (hereinafter, unless otherwise specified, – “the candidate”) shall include the following stages:

4.1. for the candidates to the positions of the head, chief accountant and deputies thereof, independent director, a member of a bank’s collegial executive body:consideration of the documents submitted for the assessment of compliance;admission of the candidate to testing;testing of the candidate;admission of the candidate to interviewing;interviewing of the candidate; andtaking a decision with respect to the assessment of compliance.

4.2. for the candidates to the positions of a member of the board of directors (the supervisory board) (excluding the independent director), elected members of the board of directors (the supervisory board) (excluding independent directors) of a bank:considering the documents submitted for the assessment of compliance; andtaking a decision with respect to the assessment of compliance.

41. The procedure of appraisal (proficiency testing) in relation to the persons aualifying to be issued a certificate of a bank’s professional accountant (hereinafter

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referred to as “the certificate”) or proficiency testing (hereinafter referred to as “the contender”) involves the following stages:41.1. for contenders to appraisal:examination of the documents submitted for appraisal;admission of the contender to testing;testing of the contender;admission of the contender to interviewing;interviewing of the contender; and

taking a decision with respect to the appraisal 41.2. for contenders to proficiency testing:examination of the documents submitted for proficiency testing;admission of the contender to testing;testing of the contender;taking a decision with respect to the proficiency testing.5. The period of conducting the assessment of compliance shall not exceed forty five (45) calendar days from the date of receiving the documents specified in paragraph 19 herein. This term can be exceeded if it is necessary to submit requests to the government agencies or other institutions for obtaining additional documents and/or data about the candidate, but not more than ninety(90) calendar days. The decision concerning the extension of the term shall be taken by the head of the organizational unit of the Central Office of the National Bank exercising banking supervision.6. The assessment of compliance of the candidates for the positions of the head, chief accountant and deputies thereof, independent director, member of the collegial executive body shall be conducted prior to their appointment (election).The assessment of compliance of other members of the board of directors (the supervisory board) can be performed both prior and after their election.7. Data on the candidates that have passed the assessment of compliance with qualification and/or business reputation requirements, according to the form presented in Annex 1 hereto, data on the candidates who have passed the assessment of compliance with the business reputation requirements for a member of the board of directors (the supervisory board) of a bank (save independent director), according to the form presented in Annex 1 hereto shall be added to the information database maintained by the organizational unit of the Central Office of the National Bank that is in charge of testing.8. A bank shall notify the National Bank within five (5) business days from the date of appointment (election), transfer or dismissal (removal from the office) of the head or chief accountant and deputies thereof, a member of the board of directors (the dupervisory board), collegial executive body of a bank, indicating the persons to whom their powers have been transferred.9. Duties of the head and chief accountant of a bank in case of his/her removal from the office (dismissal, transfer to another job) or temporal absence may be transferred to the person, who has passed the assessment of compliance with the

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requirements to the relevant position or to the deputy head, deputy chief accountant respectively.The transfer of duties of the head of a bank to the bank’s chief accountant and deputies thereof shall not be allowed, as well as the transfer of duties of chief accountant of a bank to the bank’s head and deputies thereof.

CHAPTER 2ACTIVITIEST OF THE SPECIAL QUALIFICATION COMMISSION

10. The special qualification commission shall be composed of the employees of the Central Office of the National Bank. Its personal and quantitative composition shall be approved by the order of the Chairperson of the Board of the National Bank.The special qualification commission shall carry out activities in line with its regulations.11. The special qualification commission shall:take decisions on the assessment of compliance of the candidates, appraisal (proficiency testing) of contenders;

take decisions on other issues regarding the performance of the assessment of compliance, appraisal (proficiency testing) specified herein; andtake other actions provided for herein.12. Meetings of the special qualification commission shall be held as and when necessary.13. A decision on the assessment of compliance of the candidate (appraisal of a contender) shall be taken at the physical meeting of the special qualification commission by means of a secret ballot by a majority vote of the members of the special qualification commission attending the meeting provided the quorum is reached.

A decision on the assessment of compliance of the candidate (revocation of an early decision taken) may be taken by the special qualification commission by means of an open ballot (including a written questionnaire) by a majority vote of the members of the special qualification commission attending the meeting (participating in a written questionnaire), provided the quorum is reached:in cases specified in the sub-paragraph 2 of paragraph 24 and paragraph 34 and 35 herein; andin case of the decision taken regarding the assessment of the candidate compliance for the position of a member of the board of directors (the supervisory board).Decisions on other issues falling within the competence of the special qualification commission shall be taken at the meeting thereof by means of an open ballot (including a written inquiry) by a majority vote of the members of the special qualification commission attending the meeting (participating in a written questionnaire), provided the quorum is reached.In case of equally divided votes all decisions shall be taken in favor of the candidate (the contender).14. The candidate attending the meeting of the special qualification commission

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shall be informed on the decision being taken immediately after the vote counting.A certificate on the assessment of compliance of the candidate with the qualification and/or business reputation requirements (hereinafter – the “certificate”), executed according to the Annex 2 hereto, shall be submitted (handed) to the candidate or his/her authorized representative within five (5) business days from the date of a decision taking.A certificate according to the form presented in Annex 21 hereto (certificate with the proficiency testing confirmation) shall be submitted (handed) to the contender or his/her authorized representative within five (5) business days from the date of a decision taking.A candidate (contender), adjudged by a decision of the special qualification commission not complying with the qualification and/or business reputation requirements (failed to pass appraisal) shall be advised in writing of such decision within five business days following the date of the decision taking. 15. The issues related to the assessment of compliance of the candidates that are not specified herein shall be tackled in line with legislation of the Republic of Belarus.

CHAPTER 3QUALIFICATION AND BUSINESS REPUTATION REQUIREMENTS

FOR THE CANDIDATE

16. Qualification requirements specified in Article 1091 of the Banking Code of the Republic of Belarus shall be imposed on the candidates.In addition to the requirements set in sub-paragraph 1 of this paragraph, the qualification requirements for the candidates shall be the following:for the candidates for the positions of the head and a deputy thereof, member of the collegial executive body of a bank – availability of a higher legal or economic education (with a specialization in the legal or economic fields) or other higher education provided that they have been retrained on the basis of higher education with a specialization in the legal or economic fields and provided that his/her record of service at the execitve positions in the banking sphere is at least five years;for the candidates for the positions of a chief accountant of a bank and a deputy thereof - availability of a higher economic education (with a specialization in economy) or other higher education provided that they have been retrained on the basis of higher education with a specialization in economic field and the knowledge of the international accounting standards; andfor the candidates for positions of the head, chief accountant and deputies thereof, a member of the collegial executive body of a bank – the knowledge of one of the state languages of the Republic of Belarus to the extent adequate to undergo testing and/or interviewing. Qualification requirements specified in sub-paragraph 2.1 of paragraph 2 of the

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Resolution approving these Instructions shall be imposed on the candidates for the position of the independent director.17. Business reputation requirements specified in sub-paragraph 12 of Article 1091 of the Banking Code shall be imposed on the candidates.In addition to the requirements set in sub-paragraph 1 of this paragraph, business reputation requirements for the candidates shall be the following:for all candidates – non-availability of resolution of the prosecuting authority on initiating a criminal case against the candidate or bringing him as a suspect or an accused in a criminal case; andfor the candidates for positions of the head, chief accountant and deputies thereof, a member of the collegial executive body of a bank – availability of reference letters of the officials of the banks of the Republic of Belarus that passed the assessment of compliance or officials of international financial institutions, foreign financial institutions.The submission of reference letters by persons in immediate or affinal relationship (mother, father, wife, husband, children, blood sisters and brothers) with the candidate shall not be allowed.Business reputation requirements specified in sub-paragraph 2.2 of paragraph 2 of the Resolution approving these Instructions shall be imposed on the candidates for the position of the independent director.18. Adequacy of theoretical and practical knowledge of the candidates shall be confirmed by positive results of testing (seventy percent or more correct answers) and an interview.

CHAPTER 4PROCEDURES FOR CONSIDERING DOCUMENTS AND

ADMITTANCE TO TESTING WHEN CONDUCTING ASSESSMENT OF COMPLIANCE

19. For the purpose of conducting the assessment of compliance the following documents shall be submitted to the National Bank:19.1 for the candidates for the positions of the head, chief accountant and deputies thereof, independent director, a member of collegial executive body of a bank:a request regarding the assessment of compliance (hereinafter – the “request”) signed by the candidate;a personal data form according to the form specified in Annex 3 herein;a copy of the candidate’s identification document;a copy of the candidate’s employment record book or other document certifying his employment history;copies of documents on higher education obtained in the educational establishments of the Republic of Belarus that have state accreditation, educational institutions of the USSR, and in case of obtaining higher education in educational establishments of a foreign state – a copy of a document issued by the Ministry of Education of the Republic of Belarus that confirms the equivalence/compliance of

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a document certifying education that was issued in a foreign state to/with the document on higher education of the Republic of Belarus;copies of documents in the established standard form confirming the retraining on the basis of higher education (if available);a copy of diploma (certificate) of the internationally-recognized accounting and auditing associations and institutions confirming the knowledge of the international accounting standards (for the candidates to the position of a bank’s chief accountant and the deputy thereof);a document received in accordance with the procedure established by legislation of the Republic of Belarus confirming that the candidate has no uncancelled or unexpunged previous convictions for crimes against property and procedures for conducting economic activities, has not been instituted against criminal proceedings as a person reputed to have been involved in or accused of a crime, there are no facts ascertained by a legal resolution of a court concerning the performance of guilty actions that resulted in the legal person’s bankruptcy; for non-residents – a similar document issued by the authorized body of a foreign country (if the issue thereof is provided for in the legislation of a foreign country) and dated no later than sixty (60) calendar days from the date of filing a request (if another period is not stated in the certificate); andthe reference letters (no less than two) dated no later than six months before the date of filing a request for the candidate’s assessment of compliance of optional form including the surname, name, patronymic (if applicable), position, and contact phone number of a person that has given a reference and certified by his/her signature.

19.2. for the candidate for the position of a member of the board of directors (the supervisory board) (excluding an independent director):a request signed by the candidate;a personal data form according to the form specified in Annex 3 herein;a copy of the candidate’s identification document; anda document received in accordance with the procedure established by legislation of the Republic of Belarus confirming that the candidate has no uncancelled or unexpunged previous convictions for crimes against property and procedures for conducting economic activities, has not been instituted against criminal proceedings as a person reputed to have been involved in or accused of a crime, there are no facts ascertained by a legal resolution of a court concerning the performance of guilty actions that resulted in legal person’s bankruptcy; for non-residents – similar document issued by the authorized body of a foreign country (if the issue thereof is provided for in the legislation of a foreign country) and dated no later than 60 calendar days from the date of filing a request (if the shorter period is not stated in the certificate).Documents provided for by sub-paragraph 1 of this paragraph shall be submitted to the National Bank within thirty days of the date of the decision taken by the general meeting of shareholders regarding the election of a candidate for the position of a member of the board of directors (the supervisory board).

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20. The candidate’s documents specified in paragraph 19 herein shall be submitted to the National Bank by the candidate personally (the authorized representative thereof) or sent by a registered mail with a list of enclosures and delivery confirmation. The documents shall be submitted in hard copy and in electronic form.In case if the candidate filed the documents personally (the authorized representative thereof), the identification document, originals and copies of the documents provided for by paragraph 19 herein shall be presented to the official of the organizational unit of the Central Office of the National Bank conducting testing, by the authorized representative – the document confirming his powers as well.When the documents are sent by a registered mail with a list of enclosures and delivery confirmation, the candidate’s signature on the application and the documents’ copies faithfulness shall be certified by public notary.The documents issued by foreign organizations must be legalized in accordance with the legislation of such organizations’ country of incorporation (candidate’s permanent place of residence), unless otherwise provided for by international agreements of the Republic of Belarus, and submitted in one of the state languages of the Republic of Belarus or in the language of original with translation into one of the state languages of the Republic of Belarus (faithfulness of the translation of documents from one language into another and the authenticity of the translator’s signature shall be certified by public notary).In case where not all documents are filed and/or they contain inaccurate information, the documents shall not be considered and shall be returned to the candidate (the authorized representative thereof).The documents that had been submitted to the National Bank earlier in line with these Instructions (save the candidate’s identification document as well as the document certifyin the powers of the candidate’s representative) the validity of which has not expired (if any), provided the information specified in the documents have not lost their relevance.The candidate shall be responsible for the reliability of the submitted documents and information.21. The submitted documents shall be considered by the organizational unit of the Central Office of the National Bank that conducts testing.22. In case where the submitted documents are recognized as complying with the requirements specified in paragraphs 19 and 20 herein, the candidate shall be admitted to the next stage of the assessment of compliance.

In case if the next step of the assessment of compliance is testing, an official of the organizational unit of the National Bank conducting testing shall notify the candidate of the admission to testing and the date of its performance, on which a note on the request shall be made.23. Given additional information on the candidate received in the course of banking supervision, as well as information from government agencies and other organizations with the media, the global computer network Internet, and other

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public sources, an organizational unit of the National Bank exercising banking supervision no later than three working days before the meeting of the special qualification commission shall prepare appropriate opinion. The information contained in such opinion can be considered by the special qualification commission when taking decision with respect to the candidate’s assessment of compliance.

Information about the absence of reasons for the opinion preparation, specified in sub-paragraph 1 of this paragraph, shall be submitted to the organizational unit of the National Bank conducting testing.24. The National Bank shall be entitled to request, if necessary, the data about the candidate and information confirming the reliability of documents submitted by the candidate both from the candidate and the relevant government agencies, as well as other organizations, including from the previous places of the candidate’s employment, in accordance with legislation of the Republic of Belarus.In the event that the received data testify the candidate’s non-compliance with business reputation requirements and/or submission of unreliable information by the candidate, the special qualification commission shall be entitled to make a decision on the candidate’s non-compliance with qualification and/or business reputation requirements for the relevant position, and in case of acquisition of such information after the candidate has passed the assessment of compliance – to revoke early taken decision on the candidate’s assessment of compliance. At the same time, the candidate shall be considered as failed to pass the assessment of compliance and the certificate became invalid from the date a special commission has made a decision concerning the revocation of the previous decision on the assessment of compliance.

CHAPTER 5PROCEDURE OF CONDUCTING TESTING AND INTERVIEWING

WHEN ASSESSING COMPLIANCE

25. The candidate’s testing shall be conducted within the term not exceeding thirty (30) calendar days from the date of submission of the candidate’s documents to the National Bank. In case of prolongation of the term of conducting the assessment of compliance according to the procedures specified in paragraph 5 herein, this term may be extended.The testing shall be performed upon presentation by the candidate of the identification document to the official of the organizational unit of the Central Office of the National Bank conducting the testing.The testing shall not be performed if the candidate has passed testing of the assessment of compliance with the equivalent (superior) position with a positive result (seventy percent or more of the correct answers) not later than one year prior to the date of filing the request.26. In case of a failure of the candidate to attend the testing at the

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scheduled day due to the reasons considered by the head of the organizational unit of the Central Office of the National Bank conducting the testing to be reasonable (disease, long-term business trip, natural disaster, and other circumstances beyond the control of the candidate), the candidate shall be

notified not later than thirty (30) calendar days after the initially scheduled date of the new date for passing the testing.In case of the candidate’s failure to attend re-scheduled testing, the documents shall be returned to the candidate within five business days.27. The testing shall be conducted in Russian with the use of a computer program. The test shall include no more than 100 questions in the field of banking legislation of the Republic of Belarus.The time for passing the testing shall be limited to four hours.28. The list of questions included in the test and alternative answers thereto shall be prepared by the relevant organizational units of the Central Office of the National Bank and and signed by the head of the organizational unit of the Central Office of the National Bank which has prepared thereof, submitted to the organizational unit of the Central Office of the National Bank which is conducting testing in the form of an official electronic document by employing a subsystem of processing electronic documents of the National Bank’s text-retrieval system.The list of questions included in the test shall be placed on the official web-site of the National Bank on the Internet.The list of questions included in the test and alternative answers thereto shall be updated by the involved organizational units of the National Bank as far as legislation of the Republic of Belarus is modified, as well as when it is necessary to amend/modify the above-mentioned list. The organizational unit of the Central Office of the National Bank that conducts testing shall be entitled to initiate updating of the list of questions included in the test and alternative answers thereto.29. Upon completion of the candidate’s testing the official of the organizational unit of the Central Office of the National Bank that conducts testing shall print two copies of the record containing data on the results of testing (initials, the candidate’s surname, date of testing, number of offered questions, the percentage of correct answers, and the list of questions the candidate failed to answer correctly). Both copies of the record shall be signed by the official of the organizational unit of the Central Office of the National Bank that conducted testing and by the candidate. One copy of the record shall be submitted to the special qualification commission of the National Bank to be used when taking a decision on the assessment of the candidate’s compliance, the other one shall be given to the candidate.30. In case of seventy and more percent of correct answers of testing, the candidate shall be permitted to further undergo the assessment of compliance. In case of less than seventy percent of correct answers, the documents shall be within five business days from the date of testing returned to the candidate with a notification of the denial in further assessment of compliance.The candidate that received less than seventy percent may be allowed to undergo

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the re-assessment of compliance no earlier than six months from the date of initial testing.31. Interviewing shall be conducted after testing taken at the physical meeting of the special qualification commission.In case of a failure of the candidate to attend the interviewing and the absence of his statement justifying the reason for the failure to attend, or recognition by the special qualification commission of the excuse specified in the statement unreasonable, the candidate shall be notified of the refusal to conduct the assessment of compliance.A candidate shall be authorized to apply to the National Bank with a request for the additional assessment of compliance not earlier than three months from the date of submission of the mentioned request.

CHAPTER 6PROCEDURES OF MAKING A DECISION ON THE ASSESSMENT

OF COMPLIANCE

32. Following the consideration of the candidate’s documents, results of testing and/or interviewing, as well as other information about the candidate that is at the National Bank’s disposal, the special qualification commission shall make at its meeting one of the following decisions on the assessment of the candidate’s compliance:complies with qualification and/or business reputation requirements for the position (name of a position) for a five-year term;complies with qualification and/or business reputation requirements for the position (name of a position) for a one-year term; anddoes not comply with qualification and/or business reputation requirements for the position (name of a position).The counting board of the special qualification commission shall perform the counting of votes based on the results of the ballot and issue a minutes.A certificate shall be executed based on the minutes of the meeting of the special qualification commission.33. The validity period of the certificate shall start from the date of taking decision by the special qualification commission on the assessment of compliance and be valid depending on the decision taken within five years or one year providing the work at the relevant position.If the candidate is not appointed to the relevant position within one year from the date of taking a decision by the special qualification commission on the assessment of compliance, the certificate shall be deemed null and void.If at the expiry of the certificate’s validity the candidate intends to continue working at the relevant position, the assessment of compliance with respect to such candidate shall be conducted in the manner prescribed herein, except for the candidate’s testing.

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34. The special qualification commission shall be entitled to accept the decisions on the assessment of compliance in respect to the candidates for the positions of the head, the chief accountant and deputies thereof, a member of the collegial executive body of a bank prescribed by sub-paragraphs 2 and 3 of paragraph 32 hereof without submitting documents provided for in paragraph 19 hereof, (save a request signed by a relevant candidate and a document issued in the procedure established by the laws in effect of the Republic of Belarus certifying that he/she has no uncancelled or unexpunged previous convictions for crimes against property and procedures for conducting economic activities, has not been instituted against criminal proceedings as a person reputed to have been involved in or accused of a crime, there are no facts ascertained by a legal resolution of a court concerning the performance of guilty actions that resulted in the legal person’s bankruptcy), without testing and/or interviewing as they transfer to work in a bank in case if the candidate is a member of the management body of the National Bank, the head of the organizational unit of the Central Office of the National Bank, which forms a part of the special qualification commission (have been holding such position or have been a part of the special qualification commission at least 5 years prior to the date of submission of the application).35. The special qualification commission shall be authorized to take a decision on the assessment of compliance of persons, that have been early acknowledged as complying with relevant qualification and/or business reputation requirements and continue working at the same or higher position as of the date of submitting documents for the purpose of undergoing the assessment of compliance, without conducting testing and/or interviewing.36. The candidate in respect of which a decision of non-compliance with the qualification and/or business reputation requirements to the relevant position was taken may be allowed to pass the assessment of compliance after the removal of reasons served as a basis for making such a decision, but not earlier than six months from the date of taking a decision on his/her non- compliance.

CHAPTER 61

CONDUCTING APPRAISAL AND PROFICIENCY TESTING

361.  The following requirements should be imposed on the contender for appraisal:availability of a higher economic education (with a specialization in economy) or other higher education provided that they have been retrained on the basis of higher education with a specialization in economic field and the knowledge of the international accounting standards;work experience with not less than three years at a bank or at the National Bank in the field of accountancy and internal audit or as an auditor at an auditing company or as an auditor conducting the activity of an individual entrepreneur in banks;The sufficiency of theoretical knowledge and practical skills;knowledge of one of the state languages of the Republic of Belarus in a scope sufficient for passing testing and (or) interviewing;

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has no uncancelled or unexpunged previous convictions for crimes against property and procedures for conducting economic activities.The sufficiency of theoretical knowledge and practical skills of contenders shall be proved by positive testing and interviewing results (seventy and over per cent of correct answers).362. For conducting the appraisal the National Bank should be provided with the following documents:A request for conducting appraisal signed by a relevant contender;A personal data form according to the form specified in Annex 3 herein;A copy of the contender’s identification document;Copies of documents on higher education obtained in the educational establishments of the Republic of Belarus that have state accreditation, educational institutions of the USSR, and in case of obtaining higher education in educational establishments of a foreign state – a copy of a document issued by the Ministry of Education of the Republic of Belarus that confirms the equivalence/compliance of a document certifying education that was issued in a foreign state to/with the document on higher education of the Republic of Belarus;Copies of documents in the established standard form confirming the retraining on the basis of higher education (if available);A copy of a diploma (certificate) issued by relevant international associations (institutions) of professional certified accountants and auditors certifying successful passing of the examination on the international accounting standards and (or) financial accountancy;A copy of the contender service record, another document certifying record of service;A document received in accordance with the procedure established by the legislation of the Republic of Belarus confirming that the contender has no uncancelled or unexpunged previous convictions for crimes against property and procedures for conducting economic activities; for non-residents – a similar document issued by the authorized body of a foreign country (if the issue thereof is provided for in the legislation of a foreign country) and dated no later than sixty (60) calendar days from the date of filing a request (if another period is not stated in the certificate); andA payment document certifying payment of the state duty in the procedure set forth by the Tax Code of the Republic of Belarus.363. The documents specified in Clause 362 above shall be submitted to the National Bank directly by a contender or communicated by a registered letter with a record statement and notification of the delivery. The documents shall be submitted on a paper carrier or in electronic form.In the case that the documents are submitted directly by a contender (his/her representative) to an official of the organizational unti of the Central Office of the National Bank conducting testing there should be also submitted an identification document, originals and copies of the documents specified in Clause 362 above; if

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directly submitted by a contender’s representative – also a document certifying his/her authority.Where the documents are communicated by a registered letter with a record statement and notification of the delivery the genuineness of a contender’s signature on his/her application and fidelity of copies of the documents should be notarized.The documents issued by foreign agencies should be submitted in one of the state languages of the Republic of Belarus or in the original language translated into one of the state languages of the Republic of Belarus (the accuracy of translation from one language into another, genuineness of a translator’s signature should be notarized and (or) legalized pursuant to the laws in effect of a country where such agencies are incorporated (a contender’s place of residence), except as otherwise expressly provided in relevant international treaties to which the Republic of Belarus is a party.Where not all documents are submitted and (or) any discrepancies are detected therein such documents shall not be accepted for examination and shall be returned back to a relevant contender (his/her duly authorized representative).It shall not be required to submit the documents which were submitted to the National Bank earlier according to these Instructions (save an identification document and a document certifying contender’s authority), provided the data contained therein have not lost their relevance.The contender shall bear responsibility for the accuracy of the documents and data submitted thereby.364. A day of the receipt of the documents submitted directly by a contender shall be a day of their registration with the National Bank, and those communicated by a registered letter with a record statement and notification of the delivery – a day of their receipt specified in the notification of the delivery.365. A term for conducting the appraisal should not exceed ninety calendar days following the receipt of the documents specified in Clause 362 above.366. A contender shall not be admitted to passing testing or interviewing if:all the documents specified in Clause 362 above have not been submitted;the submitted documents bear unreliable data;the submitted documents are not complying with the requirements set out in Clause 362 above;a contender is applying for the appraisal prior to the expiry of a six-month period of time following a day when he/she had been refused in admittance to the appraisal on the grounds set out in paragraph three herein, or in the case of lack of positive testing results, or making a decision on a failure by such contender to pass the appraisal;a contender is applying for the appraisal prior to the expiry of the period of time specified in Clause 3625 herein;a contender fails to comply with other requirements set out in Clause 361 above, save the requirement relating to the availability of positive interviewing results.

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In the event that a contender fails to appear on an appointed date to be tested and provide a reasonable excuse, or where his/her excuse is recognized to be inadequate such contender shall not be admitted to the appraisal.A decision on admitting to the appraisal or interviewing shall be made by the Deputy Chairman of the Board of the National Bank supervising the activity of the organizational unit of the Central Office of the National Bank exercising banking supervision.A decision on refusing in the appraisal or interviewing shall be communicated to a contender in writing to an address specified in a request for conducting the appraisal within five business days following such decision.In the event that a decision is made on refusing in passing appraisal or interviewing on the grounds set out in paragraph three of part one herein, and also in the case of positive testing results a contender shall be entitled to repeatedly apply to the National Bank for passing the appraisal not earlier than in six months following making a relevant decision.367. In the event that a contender fails to appear for testing he/she shall be advised of a new testing date.368. The testing shall be conducted in Russian with the use of a computer program. The test shall include no more than 100 questions in the field of banking legislation of the Republic of Belarus.The time for passing the testing shall be limited to four hours.The list of questions included in the test and alternative answers thereto shall be prepared by the relevant organizational units of the Central Office of the National Bank and and signed by the head of the organizational unit of the Central Office of the National Bank which has prepared thereof, submitted to the organizational unit of the Central Office of the National Bank which is conducting testing in the form of an official electronic document by employing a subsystem of processing electronic documents of the National Bank’s text-retrieval system.The list of questions included in the test shall be placed on the official web-site of the National Bank on the Internet.The list of questions included in the test and alternative answers thereto shall be updated by the involved organizational units of the National Bank as far as legislation of the Republic of Belarus is modified, as well as when it is necessary to amend/modify the above-mentioned list. The organizational unit of the Central Office of the National Bank that conducts testing shall be entitled to initiate updating of the list of questions included in the test and alternative answers thereto.369. Upon completion of the contender’s testing the official of the organizational unit of the Central Office of the National Bank that conducts testing shall print two copies of the record containing data on the testing results. Both test report counterparts shall be signed by an official the organizational unit of the Central Office of the National Bank who was conducting testing, and by the contender. One test report counterpart shall be delivered to the contender. 3610. An interviewing shall be conducted “in presentio” at a meeting of the special qualification commission.

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In the event that a contender fails to appear for interviewing he/she shall be advised of a new interviewing date in the case the reason of his/her failure to appear is considered reasonable by rthe special qualification commission.3611. The special qualification commission shall make a decision on positive or negative appraisal with due account of the testing results.3612. A decision on positive appraisal shall be made by the special qualification commission where:A contender’s failure to appear for interviewing and non-availability of the application justifying the reason for the failure or recognition of such a failure by the qualification commission as unreasonable;The interviewing results are negative. A contender shall be entitled to repeatedly apply to the National Bank for passing the appraisal not earlier than in six months following a decision stating negative results of the previous appraisal.3613. A certificate shall be issued with unlimited validity period.3614. For proficiency testing a contender (his/her duly authorized representative) within at least ninety calendar days prior to the end of a period during which the contender is obliged to confirm his/her proficiency shall submit to the National Bank (observing relevant requirements set out in Clause 363 above) a request signed by the contender and the documents listed in paragraphs three, four and nine of Clause 362 above.3615. A period of time for proficiency testing should not exceed ninety calendar days following the submission of the documents specified in 3614 above.3616. A contender shall not be admitted to passing testing with a view to confirm proficiency if:all the documents specified in Clause 3614 above have not been submitted;the submitted documents bear unreliable data;the submitted documents are not complying with the requirements set out in Clause 363 above;the contender is not complying with the requirement set out in paragraph six of part one of Clause 361 above.The issue of admitting a contender to passing testing with a view to confirm proficiency shall be addressed by the head (his/her deputy) of the organizational unit of the National Bank in charge of the conducting testing.3617. A contender shall pass testing with a view to confirm proficiency in the procedure set out in Clauses 368 and 369 above. Prior to testing the contender shall submit a relevant certificate to an official of the organizational unit of the National Bank which in charge of the conducting testing.In the event that a contender has positive testing results a back-page of the earlier issued certificate shall be marked with a note stating the confirmation of his/her proficiency. In the event that such results are negative such earlier issued certificate shall be subject to cancellation.

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3618. In the event that such certificate is lost or damaged a relevant person shall be entitled to apply to the National Bank to be issued its duplicate.For obtaining a duplicate a relevant person (his/her duly authorized representative), shall submit to the National Bank (while complying with the relevant requirements set out in Clause 363 above) a request for issuing a certificate duplicate, the document specified in paragraph ten of Clause 362 above and the damaged certificate or a copy of an insertion in the mass media stating loss thereof.A certificate duplicate shall be issued within five business days following the submission of the documents specified in part two herein. A certificate form in its right top corner should bear the note: «Duplicate» and a date of issuance thereof. 3619. In the event that a certificate holder’s surname, first name or patronymic (if any) or law of the Republic of Belarus are changed entailing a necessity to introduce amendments and (or) supplements in/to the certificate the certificate holder shall be obliged within a month period apply the National Bank for introducing relevant amendments and (or) supplements in/to the certificate, except as otherwise expressly provided in a relevant normative legal act.A period of time fixed for applying to the National Bank shall be counted as of a day when a certificate holder is issued a document stating changes in his/her surname, first name or patronymic (if any) or as of a day of attachment of a normative legal act requiring the introduction of relevant amendments and (or) supplements in/to the certificate, except as otherwise expressly provided in such normative legal act.3620. For introducing amendments and (or) supplements in/to the certificate the certificate holder(his/her duly authorized representative) shall submit to the National Bank (while complying with the relevant requirements set out in Clause 363 above) a request of introducing amendments and (or) supplements therein/thereto along with the documents (copies thereof) certifying a necessity to introduce such amendments and (or) supplements in/to the certificate, save the case when any amendments and (or) supplements are to be introduced due to changes in the laws of the Republic of Belarus, as well as the document specified in Clause 362 above.When a holder of a certificate (his/her duly authorized representative) within a fixed period of time files a request of introducing amendments and (or) supplements therein/thereto prior to obtaining a certificate executed in a new form the previously issued certificate shall be valid.A decision on introducing amendments and (or) supplements in/to a certificate shall be made by the special qualification commission within sixty calendar days following the submission of the documents specified in part one herein, on the basis of the data prepared by the organizational unit of the Central Office of the National Bank which is conducting testing.On the basis of the decision on introducing amendments and (or) supplements in/to a certificate a person (his/her duly authorized representative) is issued a certificate executed on a new form. When such certificate executed on a new form is issued

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the earlier issued original certificate (its duplicate) should be returned back to the National Bank.3621. In the event that a person holding a certificate fails to comply with a term fixed to apply to the National Bank for introducing amendments and (or) supplements in/to a certificate the certificate shall be deemed cancelled without taking decision by the special qualification commission on canceling the certificate.A person holding a certificate shall be advised in writing of cancellation of the certificate issued thereto. Such cancelled certificate should be returned back to the National Bank within at least ten days following a relevant notification.3622. A decision on canceling a certificate shall be made by the special qualification commission at:filing by person holding a certificate an application for canceling the certificate;establishing the fact that a certificate was issued and (or) amendments/supplements were introduced therein/ thereto with the use of forged or invalid documents, as well as when invalid data were furnished for making a decision on the certificate issuance and (or) on introducing amendments/supplements therein/ thereto;enforcement of a court decision on recognition a person, possessing a certificate, guilty in committing a property crime;a failure by a person possessing a certificate to comply with the duty to confirm his/her qualification;lack of positive results of testing passed by a contender with a view to confirm his/her qualification;3623. A decision on canceling a certificate shall be made by the special qualification commission on the basis of the data prepared by the organizational unit of the Central Office of the National Bank in charge conducting the testing, including those furnished by other organizational units of the Central Office of the National Bank, governmental bodies and other organizations.A person possessing a certificate shall be advised in writing of such decision on canceling the certificate within five business days following thereof.Such decision on canceling the certificate may be appealed in a judicial procedure.3624. A certificate shall be deemed cancelled:in the case set out in part one of Clause 3621 above, – on the next day following expiry of a term fixed for applying to the National Bank for introducing amendments and (or) supplements therein/thereto;on the grounds set out in paragraphs two, three, five and six of Clause 3622

above, – as of a day when the special qualification commission makes a decision on canceling the certificate;in the case set out in paragraph four of Clause 3622 above, – as of a day when a court decision on recognition a person holding a certificate guilty in committing a property crime becomes effective.Any cancelled certificate (its duplicate) should be returned back to the National Bank within at least ten days following the National Bank’s notification of a decision to cancel the certificate.

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3625. A person whose certificate is cancelled on the grounds set out in paragraphs three, five and six of Clause 3622 above shall be entitled to apply to the National Bank for testing not earlier than six months following a decision on canceling his/her certificate.

CHAPTER 7PROCEDURE OF APPEALING AGAINST DECISIONS

37. A decision made by the special qualification commission may be appealed by a candidate (a contender) to the Board of the National Bank within thirty five calendar days from the date of its adoption.An appeal shall be considered by the Board of the National Bank within sixty calendar days from the date of its receipt. The candidate shall be informed on the date of the meeting of the Board of the National Bank at least ten business days prior to the day of the meeting. The candidate shall be authorized to attend the meeting of the Board of the National Bank in the process of considering his/her appeal.38. After consideration of the documents submitted by the candidate for the assessment of the compliance, results of testing, and other information on the candidate available at the National Bank, as well as hearing (if necessary) the arguments of the candidate, the Board of the National Bank shall make one of the following decisions:to keep a decision of the special qualification commission in force; andto revoke a decision of the special qualification commission.A decision taken by the Board of the National Bank may be appealed by the candidate in a judicial proceeding. 

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   Annex 1

to the Instructionson the procedures for assessing the compliance of the head, chief accountant and deputies thereof, members of the management bodies of a bank, Joint-Stock Company ‘Development Bank of the Republic of Belarus’, non-bank financial institution with the qualification and/or b usiness reputation requirements, on appraisal for being awarded a certificate of a professional accountant of a bank and proficiency testing of persons holding the certificate

 Form

Information on candidatesthat have undergone the assessment of compliance with qualification and/or business reputation

No.

Surname, first name, patronymic (if

available)Contact

information

A position for which a candidate has undergone the

assessment with compliance

Date of conducting the assessment of compliance

Validity of a certificate on the

assessment of compliance

Appointment (election)

The date of recognition a certificate on the assessment

of compliance as invalid (with identification of the

reason)

A person, submitted a reference letter

Date Position

Surname, first name,

patronymic(if available)

Position

1 2 3 4 5 6 7 8 9 10 11

  Annex 11

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to the Instructions on the procedures for assessing the compliance of the head, chief accountant and deputies thereof, members of the management bodies of a bank, Joint-Stock Company ‘Development Bank of the Republic of Belarus’, non-bank financial institution with the qualification and/or b usiness reputation requirements, on appraisal for being awarded a certificate of a professional accountant of a bank and proficiency testing of persons holding the certificate

 Form

Information on candidatesthat have undergone the assessment of compliance with qualification and/or business reputation requirements specified for a member of the board of directors (the supervisory board) of a

bank (save the independent deirector)

No.Surname, first name, patronymic

(if available) Contact information

Date of conducting the assessment of compliance

Validity of a certificate on the assessment of compliance

Appointment (election)The date of

recognition a certificate on the

assessment of compliance as invalid (with identification of

the reason)Date Position

1 2 3 4 5 6 7 8

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  Annex 2

to the Instructions on the procedures for assessing the compliance of the head, chief accountant and deputies thereof, members of the management bodies of a bank, Joint-Stock Company ‘Development Bank of the Republic of Belarus’, non-bank financial institution with the qualification and/or business reputation requirements, on appraisal for being awarded a certificate of a professional accountant of a bank and proficiency testing of persons holding the certificate

 Form

CERTIFICATE

Issued to __________________________________________________________________(surnname, first name, patronymic (if any)

to certify that by the decision of the special qualification commission of the National Bank of the Republic of Belarus (minutes of the meeting No._________________dated______)he/she has been acknowledged as complying with qualification and/or business reputation requirements for the position___________________________________________________________

(indicate the position)

for a period ___________________________________________________________________________(indicate the period)

____________________________________________________________________________ 

__________________ __________________ ______________________(position of the authorized person)  (signature) (initials, surname)

Stamp here

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  Annex 21

to the Instructions on the procedures for assessing the compliance of the head, chief accountant and deputies thereof, members of the management bodies of a bank, Joint-Stock Company ‘Development Bank of the Republic of Belarus’, non-bank financial institution with the qualification and/or business reputation requirements, on appraisal for being awarded a certificate of a professional accountant of a bank and proficiency testing of persons holding the certificate

 Form

CERTIFICATE OF APROFESSIONAL ACCOUNTANT OF A BANK

Issued to __________________________________________________________________(surname, first name, patronymic (if any)

to certify that by the decision of the special qualification commission of the National Bank of the Republic of Belarus (minutes of the meeting No._________________dated______)he/she has been acknowledged passed appraisal for being awarded a certificate of a professional accountant of a bank.This Certificate shall be valid if a holder hereof confirms his/her qualification no less than once every two years starting from a year following that one when it was issued. Chairman (Deputy Chairman) of the special qualification commission of the National Bank of the Republic of Belarus

       

    (signature)   (initials, surname) 

reverse side A note stating the fact that a person, to whom the certificate was issued, confirmed his/her proficiency: A date of making a

decision on proficiency testing

Signature of the head (his/her deputy) of the organizational unit of the Central Office of the National Bank in charge of conducting testing

Initials, surname

1.    2.    

     

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  Annex 3

to the Instructions on the procedures for assessing the compliance of the head, chief accountant and deputies thereof, members of the management bodies of a bank, Joint-Stock Company ‘Development Bank of the Republic of Belarus’, non-bank financial institution with the qualification and/or business reputation requirements, on appraisal for being awarded a certificate of a professional accountant of a bank and proficiency testing of persons holding the certificate

Form

PERSONAL FORM OF A CANDIDATE (CONTENDER)

 

Space for photo, age-appropriate,

colour, size – 3,5x4,5 cm

 1. __________________________________________________________________

(Surname, first name, patronymic (if any) *2. __________________________________________________________________

(current place of employment, position)3. __________________________________________________________________

(name of a bank, the position to which the candidate is aspiring to be appointed, elected) (if available)4. __________________________________________________________________

(date of birth, place of birth, citizenship (nationality), sex)5. __________________________________________________________________

(details of passport or other identification document (number, series, date of issue and issuing authority, and identification number, if available)

6. __________________________________________________________________

(residence address, contact phone number (office, home and/or mobile)

7. Information on higher education, retraining on the basis of higher education with gaining qualification: 

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Educational institutionPeriod of education/

retraining(date, month, year)

Specialization Qualification

        8. Foreign languages qualifications and comprehensive level: 

Foreign language Narrow understanding and business communication

Language and business communication fluency

      9. Academic degree, title

10. Availability of a deputy mandate

11. State awards, titles__________________________________________________________________

12. Availability of convictions which have not been cancelled or expunged?__________________________________________________________________

13. Information on the candidate’s (contender’s) participation in legal entities’ authorized capital (name of a legal person, amount of participation and share therein) ________________________________________________________________

14. Previous place(s) of employment: 

Period(date, month, year) Organization,position Grounds for dismissal

      15. Information on the persons that submitted reference letters: Surname, first name, patronymic

(if any) Organization, position Whether he/she is a close relative

(if so, specify a degree of relationship)

      16. Other data (at the candidate’s (contender’s) discretion __________________________________________________________________

_______________________________(signature of the candidate (contender))

 *To be completed in the Russian and Belarusian languages, for foreign citizens – in the Russian language.  

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